At the recent ceremony honoring enterprises making significant contributions to the State budget under the Vietnam Largest Tax Payers 2026 ranking, DNSE Securities Joint Stock Company (HOSE: DSE) was named among the Top 10 private securities companies and Top 15 securities companies with the largest state budget contributions in Vietnam. In 2025, DNSE contributed VND 332 billion to the State budget, an increase of nearly 38% compared with the previous period, placing the Company among the securities firms with the highest growth rates in the industry.

Ms. Nguyen Thi Tuyen, Chief Operating Officer of DNSE, receives recognition as DNSE is named among the Top 10 private securities companies and Top 15 securities companies with the largest contributions to Vietnam’s State budget.

Notably, personal income tax accounted for nearly 80% of DNSE’s total tax contribution, a relatively high proportion among securities companies. For securities firms, a larger customer base and higher trading values generally result in greater amounts of personal income tax withheld, declared, and paid on behalf of investors. This tax structure indicates that DNSE’s contribution to the State budget is driven not only by its business performance, but also reflects its operational capabilities and the active trading volume generated on its platform.

Traditionally, company size, revenue, profit, and market share have been among the most familiar indicators used to assess growth. State budget contributions, however, offer a different perspective. Beyond representing a statutory obligation, they provide an independent measure of a company’s actual operating scale, cash flow quality, and the value it generates and contributes back to the economy.

Sharing the ranking with long-established financial institutions, DNSE’s presence demonstrates that digital securities companies have begun converting their initial technological advantages into tangible business performance and market positioning, thereby making increasingly significant contributions to the economy.

Technology and a Different Approach Behind Growth

In their early stages, technology-driven securities firms often faced questions over their ability to generate sustainable cash flows if their value proposition focused primarily on user experience. DNSE’s strategy, however, demonstrates a carefully considered path: leveraging technology as a launchpad to optimize service capabilities, while focusing on expanding the core business lines of the securities industry and directly serving the growing base of individual investors.

The first challenge was to build a system capable of supporting an increasingly large scale of operations, spanning infrastructure, data, AI, Open APIs, and the ability to integrate the full financial management and investment experience into a single platform. DNSE was also among the early securities companies in Vietnam to incorporate AI into investment-support tools.

DNSE has built a competitive advantage by pioneering solutions for active investors, from data aggregation and risk management to strategy development and back-testing.

Building on this foundation, DNSE has adopted a differentiated approach to the market, particularly in engaging a new generation of investors. Content such as the Cow and Bear comic series and the Cow and Bear Academy animated videos has helped make securities investing more approachable. Meanwhile, its open B2B2C platform enables DNSE’s trading infrastructure to connect seamlessly with platforms serving large user bases, including Zalopay and TradingView, as well as various banks and data providers.

DNSE currently has nearly 2 million customer accounts, demonstrating the ability of a technology-driven securities model to rapidly scale its user base.

While the number of accounts reflects the scalability of the model, market share across core business lines provides a clearer indication of the competitive capabilities DNSE is steadily building. At the end of Q2/2026, DNSE ranked among the Top 8 securities firms by brokerage market share for listed stocks on the Hanoi Stock Exchange (HNX). In the derivatives market, one of its key business segments, DNSE has consistently maintained a Top 2 position, with more than 25% market share.

Through the implementation of a flexible lending management system and transaction-level risk management via Margin Deal - a solution that clearly demonstrates DNSE’s differentiated and pioneering approach - its margin lending and cash advance balances have continued to reach new record highs. Most recently, as of the end of August 2026, DNSE’s margin loan balance exceeded VND 6,700 billion, up 28% from the end of 2025.

The synchronized growth in customer accounts, trading market share, and lending balances has created a healthy revenue structure centered on core business activities. This provides a solid financial foundation for DNSE to sustain steady business growth and, in turn, increase its tangible contribution to the State budget.

Affirming the Scale of a New-Generation Financial Institution

Joining the group of securities companies making the largest contributions to the State budget marks a new stage in DNSE’s development - one in which the Company is demonstrating the scale of a financial institution with increasingly strong operational capabilities and a more visible contribution to the market and economy.

DNSE has transformed its initial technological advantage into business performance and market positioning.

Ms. Nguyen Thi Tuyen, Chief Operating Officer of DNSE, shared: “As a company grows, the value it creates should be reflected not only in business performance and benefits to shareholders, but also in its tangible contributions to the market and the economy. DNSE’s achievements are the result of a steadfast journey in pursuing a new business model that has presented many challenges. At the same time, this model will serve as a competitive advantage and a strong foundation for our continued sustainable growth in the future.”

Vietnam’s stock market is entering an important development phase as the country works toward its market-upgrade objectives and seeks to attract international capital flows. In this context, DNSE’s inclusion in the State budget contribution ranking is more than simply an achievement measured in numbers. It demonstrates that a young, technology-driven securities company has moved beyond the stage of defining its business model and officially entered a group of enterprises with significant scale, effective operational capabilities, and an increasingly valuable contribution to Vietnam’s capital market ecosystem.

Source: CafeF